ISLAMABAD,): Finance Minister (FM) Ishaq Dar has said Pakistan will not go bankrupt emphasizing the country needs a charter of economy.
“Wrong propaganda about economy is hazardous for Pakistan. Agreement will be reached with IM within two days. Imran Khan undermined the confidence of development institutions and he deviated from IM program which led to accelerate inflation in the country”, he said this while addressing a seminar on “Reviving economic stability through strengthening of Public Financial Management” in Islamabad on Thursday.
He went on to say budget deficit soared due to ill conceived policies in the past. Pakistan economic woes rose in 2018. Coalition government has inherited economic crisis.
He alleged that Pakistan lacked foreign investment owing to wrong policies of PTI government in the past.
The country gained economic stability from 2013 to 2018. Global agency had predicted Pakistan will become part of G-20 countries till 2030. Pakistan had become 24th largest economy of the world during PML-N previous government.
Pakistan was the best market of Asia but today I am feeling trouble unfortunately in telling that Pakistan ranked 47th in global economic list in 2022.
Pakistan economy plummeted to lowest level due to ill-conceived policies of previous PTI government. The per capital income increased only 30 dollars during the last four years. As compared to it the per capita income during PML-N tenure rose to 373 dollars.
He claimed Imran Khan increased Pakistan debt 24 billion dollars.
We are taking measures for improvement in national economy. We will soon overcome economic crisis.
Pakistan is facing myriads of challenges including Pakistan products access to international market, he pointed out.
We hope that agreement with IMF will be signed in coming days.
Our government has completed the only IM program of the country.
Besides lauding the role of World Bank (WB) in the development of the country, we are indebted to Asian Development Bank and development partners as well.
Refuting the media reports of Pakistan bankruptcy he said Pakistan will not go bankrupt.
There is no substance in media reports about Pakistan becoming default.
Prime Minister has announced austerity campaign , he said adding we will implement it sternly.
He pointed out federal government will reduce its expenses by 15 percent. All the ministers have stopped using larger jeeps. Government officials and ministers will travel in economy class. The official delegation will not stay in five stars hotel.
He held 16 billion dollars are required for rehabilitation of flood affectees.
Country needs charter of economy now. I invite all political parties to unite for charter of economy by setting aside politics. Posts held by us are trust for which we are accountable.